Sector movers: Mark Bolland move shakes up retail stocks

18th Nov 2009 13:15

It's a tale of two retail sectors after Marks & Spencer announced the appointment of supermarket Morrisons' boss Mark Bolland as its new chief executive. He will take up the position in the new year.Bolland joined Morrisons in September 2006, helping the Bradford-based supermarket recover from its problematic acquisition of Safeway.M&S, which sells food and clothes, lifts the general retail sector, joined higher by Kingfisher, the company behind the B&Q DIY chain and Argos and Homebase owner Home Retail.Morrisons, which is also due to report results tomorrow, is sharply lower though and drags fellow food retailers Sainsbury's and Tesco with it.Top performing sectors so far todayIndustrial Metals 4,788.94 +4.42%Technology Hardware & Equipment 356.00 +3.87%Mining 21,264.69 +2.69%Chemicals 4,697.08 +2.45%General Retailers 1,835.96 +2.34%Bottom performing sectors so far todayMobile Telecommunications 3,152.00 -1.70%Food & Drug Retailers 4,825.04 -1.63%Tobacco 23,770.07 -1.46%Fixed Line Telecommunications 2,029.88 -1.19%Support Services 3,611.88 -0.43%